April 22, 2014 (Shareholders Foundation) - An investor who currently holds shares of Darden Restaurants, Inc. (NYSE:DRI) filed a lawsuit against directors of Darden Restaurants, Inc in connection with the attempt to spin off its Red Lobster brand.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:DRI stockholders by attempting to improperly and unfairly trying to spin off its Red Lobster brand without giving shareholders a voice. The plaintiff claims that the company's recent change in bylaws wrongfully impairs shareholders' right to call a meeting and vote on the company's plan to sell its Red Lobster.

Darden Restaurants, Inc. reported that its Total Revenue rose from over $7.99 billion for the 52 weeks period that ended on May 27, 2012 to over $8.55 billion for the 52 weeks period that ended on May 26, 2013 while its respective Net Income declined from $475.50 million to $411.90 million. Shares of Darden Restaurants, Inc. (NYSE:DRI) traded as high as $57.21 per share during September 2012, respectively as high as $54.33 per share in late 2013.

On April 22, 2014, NYSE:DRI shares closed at $49.87 per share.